Gen Z Targeted by Online Scams: Expert Advice for Young Consumers

Gen Z's Digital Savvy and Vulnerabilities

• 💡 Gen Z's digital fluency is a superpower but also a blind spot, leaving them open to online scams.
• 📊 In 2024, the FTC reported that younger individuals (20-29) lost money to fraud more often than older adults (70-79).

Common Scam Tactics

• 📧 Impostor scams often appear as emails claiming to be from legitimate sources, or fake websites offering deals on items like books.
• 🎓 Text phishing and impostor scams targeting students may impersonate financial aid offices, offer scholarships, or promise part-time jobs, aiming to steal personal and financial data.
• 🏠 Rental scams are also popular, where fraudsters ask for credit card information or money transfers upfront to view an apartment.

Expert Advice for Young Consumers

• 🔍 Verify trust by being mindful of interactions with merchants and ensuring they are viable, trusted institutions.
• 🗑️ If an offer or message is unfamiliar and unsolicited, delete it immediately to avoid the temptation to click on links.
• 🚩 Recognize red flags, such as being asked to pay before seeing an apartment, and apply street smarts even with digital common sense.
• 💳 After applying for a first credit card, make it a habit to regularly check credit reports for unusual activity or identity fraud.
• 🔒 Consider investing in services like Experian to freeze credit until it's needed, preventing unauthorized use.
• ⚠️ If a deal sounds too good to be true, it likely is.